Real Estate Tech Startup Blueground Raises $50 Million

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Credit: PRNewswire

Blueground, a New York based firm that helps customers land short-term rentals quickly, announced it has raised $50 million in new funding.

The Series B round was co-led by WesCap Investment Partners and Prime Ventures. The startup has now raised $78 million in total funding since its inception.

Blueground wants  to help clients feel at home wherever they choose to live. It offers furnished and equipped short-term stay apartments for time periods ranging from a month to a year to even longer. Residents only have to just show up at the apartment they choose and get comfortable. Blueground already has 2,800 apartments and 400 employees in nine cities around the world: New York, Los Angeles, San Francisco, Boston, Chicago, Washington D.C., Dubai, Istanbul and Athens.

The company plans to have more than 50,000 apartments in 50 cities by 2023.

“The idea of one’s home being a fixed, long-term commitment is changing as more people around the world are choosing to live in multiple cities for work or other reasons, said Alex Chatzieleftheriou, Co-founder and CEO of Blueground, in a press statement. “Our guests get unprecedented convenience and flexibility with the ability to just show up and start living on day one in beautifully designed, tech-powered apartments. For property owners, partnering with Blueground is an ideal solution. We offer a steady yield, 100% guaranteed occupancy and manage all the work on their behalf to enable a seamless guest experience. We are excited to expand our relationships with leading developers and property managers across the world.”

Blueground says it has achieved 3 times year-over-year revenue growth and more than one million nights spent by guests in 2019.